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AmEx Profits Surge on Growth
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Overview
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American Express (AmEx) sees a significant 34% rise in Q1 2024 profits to $2.44 billion, attributed to increased cardmember spending and interest income. The company added 3.4 million new cardmembers, predominantly choosing fee-based credit cards, maintaining lower charge-off rates compared to competitors.
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How could the increase in AmEx profits impact the overall credit card industry and consumer spending trends?
How might American Express sustain its growth momentum in attracting new customers?
What strategies could AmEx implement to address customer payment delays and maintain low charge-off rates?
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